Khaitan & Co advised Reliance Nippon Life Asset Management Limited in connection with subscription to the first of its kind secured, listed, rated, redeemable, non-convertible debt securities, on private placement basis, issued by an INVIT India Grid Trust aggregating to INR 250 crores, for the purpose of, inter alia, advancing loans to its subsidiaries and acquisition of transmission projects. Security included charge over receivables from its investments in various power transmission subsidiaries. The Transaction is a landmark deal in as much as it is a first ever issue of debt securities by an infrastructure investment trust under the SEBI regulations. The deal paves the way for other infrastructure investment trusts and real estate investment trusts to undertake issue of debt securities in the future.
Reliance Nippon Life Asset Management Limited (formerly Reliance Capital Asset Management Limited) (RNAM) is the asset manager of Reliance Mutual Fund (RMF). Reliance Capital Limited and Nippon Life Insurance Company are the promoters of RNAM and currently hold 85.75% of its total issued and paid-up equity share capital. Equity Shares of RNAM are listed on BSE Limited and National Stock Exchange of India Limited. The core transaction team comprised Manisha Shroff (Partner), Rolwine Alva (Senior Associate), Oindrila Bhowmik (Senior Associate), Enakshi Jha (Associate) and Venkatesh Renganathan (Associate). Vivek Mimani (Associate Partner) assisted on funds aspect of the transaction.
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